OMAHA, Neb., May 12, 2011 /PRNewswire/ -- Transgenomic, Inc. (OTC/BB: TBIO) today reported financial results for the three months ended March 31, 2011, and provided a business update.
Net sales for the first quarter of 2011 were $7.5 million, an increase of 37 percent compared with $5.4 million for the same period in 2010. Gross profit was $4.2 million or 56 percent of net sales, compared with gross profit of $2.9 million or 53 percent of net sales for the same period in 2010.
The increase in revenue is primarily due to our recent acquisition of the FAMILION family of genetic tests on December 29, 2010, as we operated this business the entire quarter.
Operating expenses were $4.9 million during the first quarter of 2011, compared with $3.3 million in the prior year. This increase in operating expenses is directly related to our FAMILION lab, including noncash charges totaling $300,000 relating to the amortization of the acquired intangibles.
The net loss for the first quarter of 2011 was $2.8 million or $0.06 per share compared with a net loss of $324,000 or $0.01 per share for the first quarter of 2010. This was due primarily to the noncash Preferred Stock expenses, totaling $2.0 million, and the amortization of the acquired intangible assets, which totaled $300,000. Absent these expenses, our net loss would have been $460,000 for the first quarter of 2011.
Modified EBITDA improved to ($16,000) in the first quarter of 2011 from ($209,000) in the first quarter of 2010.
Cash and cash equivalents were $3.2 million as of March 31, 2011, compared with $3.5 million as of December 31, 2010.
Comment and Outlook"We are quite pleased with the quarter's results in both top-line growth and EBITDA improvement," commented Craig Tuttle, President and Chief Executive Officer
|SOURCE Transgenomic, Inc.|
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